Policy Papers

Anastasia Luzgina| 19.10.2020

Fintech Market Entry to CIS, Central Asia, and Mongolia: Belarus

This policy paper analyzes the situation on the Belarus FinTech market. Its growth is based on the well-developed IT sector and digital transformation of financial institutions. Belarusian IT companies create FinTech products for both domestic and foreign markets. At present, there are several most developed FinTech segments. They include payment services and money transfers, online investment platforms, as well as projects in the field of personal finance management and robo-advising. The creation of favourable regulatory conditions encourages the development of cryptographic platforms. At present, there are several crypto exchanges registered in Belarus. National Bank created an information network that operates on the basis of block-chain technology. At the same time, there are niches in the country’s financial market that are underdeveloped. Traditional financial institutions are also actively using information technology in their operations. Further development of the banking sector is based on the interbank identification system and development of instant payment system.

The policy paper was published in "Fintech Market Entry to CIS, Central Asia, and Mongolia" Report (chapter 6)